Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry

Topics:
Lease or Buy
Tags:
Advertising & Promotion,
Marketing,
Financial Services,
Finance,
Federal Reserve Board,
Capital Structures,
Capital Structure,
Banking,
Agency,
Performance
Source:
The Federal Reserve Board

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Overview: This paper discusses the capital structure, which employs simultaneous-equations model that accounts for reverse causality from performance and agency costs, banking, efficiency. It discusses that data on the U.S. banking industry are consistent with the theory, and the results are statistically significant, economically significant, and robust.

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Format: PDF | Size: 289KB | Date: Jan 2003 | Pages: 38

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